Ovintiv Announces Closing of NuVista Energy Acquisition

Press Release

DENVER, Feb. 3, 2026 – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) announced today that it has completed its acquisition of all of the common shares (“NuVista Shares”) of NuVista Energy Ltd. (TSX: NVA) (“NuVista”) in a cash and stock transaction valued at $2.7 billion.

The acquisition is expected to add approximately 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres (approximately 70% undeveloped) in the core of the oil-rich Alberta Montney. Full year 2026 production from the acquired assets is expected to average approximately 100 MBOE/d (approximately 25 thousand barrels per day (“Mbbls/d”) of oil and condensate). The assets are directly adjacent to Ovintiv’s current operations and include access to processing and downstream infrastructure with significant available capacity.

“These top decile rate of return assets in the heart of the Montney oil window are an exceptional fit with our existing acreage and infrastructure,” said Ovintiv President and CEO, Brendan McCracken. “The team at NuVista did a great job building these assets and we are excited to apply our industry-leading expertise to the combined position. We expect to generate cost synergies of approximately $100 million annually, including per well cost savings of approximately $1 million, consistent with our current Montney well costs.” McCracken continued, “The combination of this transaction with the planned divestiture of our Anadarko assets, will streamline and high-grade our portfolio, help us to meet or exceed our debt target, and uniquely position us with significant inventory duration in the two most valuable oil plays in North America, the Permian and the Montney.”

Ovintiv plans to issue its full year and first quarter 2026 guidance with the release of its fourth quarter and full year 2025 results on February 23, 2026.

The transaction was supported by over 99% of the votes cast, with approximately 64% of NuVista shareholders (“NuVista Shareholders”) participating in the vote.

Pursuant to the transaction, NuVista Shareholders were entitled to elect to receive: (i) $18.00 (CAD) in cash per NuVista Share (the “Cash Consideration”); (ii) 0.344 of a share in the common stock of Ovintiv per NuVista Share (the “Share Consideration”); or (iii) a combination of Cash Consideration and Share Consideration for their NuVista Shares, subject to rounding and proration based on a maximum aggregate Cash Consideration of approximately $1.57 billion (CAD) and a maximum aggregate Share Consideration of approximately 30.1 million Ovintiv Shares. NuVista Shareholders who did not make a valid election prior to the election deadline, were deemed to have elected to receive Cash Consideration with respect to 50% of their NuVista Shares and Share Consideration with respect to 50% of their NuVista Shares.

In confirmation of the preliminary results announced on January 23, 2026, the final results of the consideration elections are as follows:

1. NuVista Shareholders who elected to receive Cash Consideration in respect of all of their NuVista Shares, will receive 100% of their total consideration as Cash Consideration;
2. NuVista Shareholders who elected to receive Share Consideration in respect of all of their NuVista Shares, will receive approximately 58% of their total consideration as Share Consideration and approximately 42% as Cash Consideration; and
3. NuVista Shareholders who did not make a valid election prior to the Election Deadline or who elected to receive 50% Cash Consideration and 50% Share Consideration in respect of their NuVista Shares, will receive approximately 71% of their total consideration as Cash Consideration and approximately 29% as Share Consideration.

The NuVista Shares are expected to be delisted by the Toronto Stock Exchange (“TSX”) within a few trading days following closing.

Important information

Ovintiv reports in U.S. dollars unless otherwise noted. Production, estimates are reported on an after-royalties basis, unless otherwise noted. Unless otherwise specified or the context otherwise requires, references to “Ovintiv,” “our” or to “the Company” includes reference to subsidiaries of and partnership interests held by Ovintiv Inc. and its subsidiaries.

Please visit Ovintiv’s website and the Investor Relations page at www.ovintiv.com and investor.ovintiv.com, where Ovintiv often discloses important information about the Company, its business, and its results of operations.

The Ovintiv shares issued by the Company in the acquisition of NuVista are listed on the New York Stock Exchange and have been conditionally approved for listing on the TSX. In obtaining TSX listing approval, the Company has relied on the “Eligible Interlisted Issuer” exemption from TSX rules under section 602.1 of the TSX Company Manual.

Further information on Ovintiv Inc. is available on the Company’s website, www.ovintiv.com, or by contacting:

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